The World Bank Report No: ISR11330 Implementation Status & Results South Eastern Europe and Balkans South East Europe and Caucasus Catastrophe Risk Insurance Facility (Serbia and Macedonia) (P110910) Public Disclosure Copy Operation Name: South East Europe and Caucasus Catastrophe Risk Project Stage: Implementation Seq.No: 4 Status: ARCHIVED Archive Date: 17-May-2014 Insurance Facility (Serbia and Macedonia) (P110910) Country: South Eastern Europe and Balkans Approval FY: 2011 Product Line: IBRD/IDA Region: EUROPE AND CENTRAL ASIA Lending Instrument: Adaptable Program Loan Implementing Agency(ies): Key Dates Board Approval Date 03-Mar-2011 Original Closing Date 31-Dec-2015 Planned Mid Term Review Date 26-May-2014 Last Archived ISR Date 26-Dec-2012 Effectiveness Date 08-Dec-2011 Revised Closing Date 31-Dec-2015 Actual Mid Term Review Date Project Development Objectives South East Europe and Caucasus Catastrophe Risk Insurance Facility (Serbia and Macedonia) (P110910) Project Development Objective (from Project Appraisal Document) The Program and Project Development Objective is to help increase access of homeowners, farmers, the enterprise sector, and government agencies to financial protection from losses caused by climate change and geological hazards. Has the Project Development Objective been changed since Board Approval of the Program? Yes No Southeast Europe and Caucasus Catastrophe Risk Insurance Facility GEF (P123896) Global Environmental Objective (from Project Appraisal Document) The Project Development Objective is to enable Europa Re, a catastrophe and weather-risk re-insurance facility, to develop new weather risk insurance and reinsurance products, automate insurance underwriting, pricing and claims settlement processes for such products, and increase public awareness of weather risk in participating countries. Has the Global Environmental Objective been changed since Board Approval of the Program? Yes No Public Disclosure Copy Component(s) Component Name Component Cost Countries' participation in Europa Re. 10.00 Technical Assistance 10.00 Overall Ratings Previous Rating Current Rating Page 1 of 5 The World Bank Report No: ISR11330 Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Public Disclosure Copy Overall Risk Rating Low Low Implementation Status Overview Due to a problem in the system, the project had a "closed" status and was recently fixed in December. Therefore the team couldn't update the ISR. We wanted to downgrade the project because of the lack of advance, however given the progress so far we believe that the project will still down graded, however not as much as it would have been 6 months ago. The most relevant activities in the program are: a) Europa Reinsurance Facility (Europa Re) has been granted a Swiss reinsurance license effective as of January 1, 2014 from FINMA - the Swiss Financial Markets Regulator. The receipt of the license represents a major milestone for Europa Re and the SEEC CRIF program as it now enables the company to start the operations on the ground in the early 2014. b) As of January 1, 2014, Europa Re has all its IT systems in place (which is the second key milestone reached by the company - the systems are already in place) to begin rolling out the program at the level of individual insurance partners which will sell to the public innovate catastrophe insurance products designed and supported under the Bank project. c) Serbian Parliament has amended the law to enable foreign catastrophe reinsurers to operate in the Serbian market. This allow for Europa Re to operate in Serbia. Because of the delay, Serbia will only start the program within the next 6 months d) Europa Re has started selling policies in Albania and Macedonia in the first week of April Locations No Location data has been entered Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Increase in catastrophe insurance penetration Percentage Value 2.00 2.00 15.00 Public Disclosure Copy Date 03-Mar-2011 17-Mar-2014 31-Dec-2015 Comments Insurance policies have started to be sold in April (Albania and Macedonia). Serbia will start in within the next 6 months. Global Environmental Objective Indicators Page 2 of 5 The World Bank Report No: ISR11330 Indicator Name Core Unit of Measure Baseline Current End Target Increase in catastrophe insurance penetration Percentage Value 2.00 2.00 15.00 Date 03-Mar-2011 05-Sep-2012 31-Dec-2015 Public Disclosure Copy Comments Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Number of countries that implement the Number Value 0.00 0.00 5.00 minimum regulatory and policy framework Date 03-Mar-2011 05-Sep-2012 31-Dec-2015 required for CRIF. Comments Project only became full effective on June 8, 2012. The expected progress will be achieved during second implementation year CRIF Capital Amount Amount(USD) Value 2100000.00 9900000.00 29000000.00 Date 03-Mar-2011 05-Sep-2012 31-Dec-2015 Comments Amount provided by Albania Amount provided by Albania under the Albania Disaster under the Albania Disaster Risk Mitigation and Risk Mitigation and Adaptation Project. Adaptation Project is $2.1 million; amount provided by Serbia is $5 million; amount provided by FYR Macedonia is $2.8 million for the first trench and the second trench is expected early 2013. Preparation of APL2 and APL3 has started. Grant Funding Mobilized. Amount(USD) Value 4500000.00 10000000.00 12000000.00 Date 03-Mar-2011 05-Sep-2012 31-Dec-2013 Public Disclosure Copy Comments SECO grant funding secured. SECO Grant Funding secured. GEF grant of US $5.5 million approved by the Board on 11/12/11. Fulfillment of technical preconditions for launch Number Value 0.00 3.00 5.00 of products (per country) Date 03-Mar-2011 20-Mar-2014 31-Dec-2014 Comments Up to date two countries have fulfilled technical Page 3 of 5 The World Bank Report No: ISR11330 preconditions. Third (Serbia) will be ready in May. Public Disclosure Copy Data on Financial Performance (as of 05-Oct-2012) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P110910 IBRD-80300 Effective 03-Mar-2011 23-Mar-2012 08-Jun-2012 31-Dec-2015 31-Dec-2015 P110910 IBRD-80310 Effective 03-Mar-2011 12-Jul-2011 08-Dec-2011 31-Dec-2015 31-Dec-2015 P123896 TF-10940 Effective 06-Dec-2011 06-Dec-2011 09-Jan-2012 31-Dec-2015 31-Dec-2015 Disbursements (in Millions) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P110910 IBRD-80300 Effective USD 5.00 5.00 0.00 5.00 0.00 100.00 P110910 IBRD-80310 Effective USD 5.00 5.00 0.00 5.00 0.00 100.00 P123896 TF-10940 Effective USD 5.00 5.50 0.00 2.86 2.64 52.00 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation No actions necessary. Page 4 of 5 The World Bank Report No: ISR11330 Restructuring History There has been no restructuring to date. Public Disclosure Copy Related Projects P118288-SEEC CRIF, P123896-Southeast Europe and Caucasus Catastrophe Risk Insurance Facility GEF Public Disclosure Copy Page 5 of 5